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HMRC has published Pensions schemes newsletter 160 for May 2024. It includes articles on the following subjects:
Lifetime allowance abolition - HMRC has published a tool for members to check if they can apply for a transitional tax-free amount certificate from their scheme.
On payroll reporting for tax year 2024-25 HMRC refers to the December 2023 lifetime allowance guidance newsletter which provided details on how pension scheme administrators should report the tax deducted from the excess amount over an individual’s lump sum allowance or lump sum and death benefit allowance for uncrystallised funds pension lump sums serious ill health lump sums and pension commencement excess lump sums. HMRC has provided further clarity on payrolling of various authorised lump sums.
Relief at source – the deadline for submitting the 2023-24 annual return of information is 5 July 2024.
Pension scheme returns – from...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
